EXACOMPTA CLAIREFONTAINE (EPA:EXAC) - Financial statements - 31 december 2020

Transparency directive : regulatory news

30/03/2021 18:00

Dear Shareholders,

At its 25 March 2021 meeting in Paris, the EXACOMPTA CLAIREFONTAINE Board of
Directors, chaired by Mr François Nusse, reviewed and approved the Company and
Group financial statements for the year ended 31 December 2020.

- Consolidated results

(EUR000)                        2020         2019
Income from continuing
activities (Revenue)         689,597      703,436
Operating income              14,727       19,828
Net income before tax         12,837       22,571
Net income after tax          11,574       17,067
Minority interests              (702)           0
Group share                   12,276       17,067

The Eurowrap and Biella entities were consolidated for nine and six months
respectively in the 2019 consolidated accounts. 2019 net income included a
EUR5,024,000 badwill gain on first-time consolidation. A EUR2 million goodwill
impairment charge was recorded in the 2020 consolidated financial statements.

- Segment information

(EUR000)          Paper  Processing  Inter-segment   Total
                                      transactions

Revenue          254,296   555,369     (120,068)    689,597
Operating
income/(loss)     14,801    (191)         117        14,727

(EUR000)          France   Europe    Outside Europe    Total

Revenue          371,037   292,571       25,989       689,597

Paper

In 2020, deliveries of uncoated printing and writing papers from European
plants to Western Europe fell 15% (source: CEPI).
Our own paper production remained virtually stable at 231,000 tonnes. Following
a fall in the second quarter, demand was sluggish for the rest of the year. A
5% decrease in tonnage sold led to an increase of approximately 7,000 tonnes in
our paper stocks.
The relatively weak pulp market allowed us to maintain our margins.

Processing

The French stationery market posted an average decline of 2.8% for manufactured
papers and 11.9% for filing articles (source: GFK). The COVID-19 pandemic led
to a drop in our own sales, with variations depending on the product family and
the time of year. Production units remained operational but production was
partly reduced.
Given the context, the contribution of recently acquired companies and their
integration into the Group were quite satisfactory. New specialty products were
launched, as continued development is absolutely necessary to keep pace with
changes in consumption.

- Outlook

The aftermath of 2020 and the threat of further lockdowns in 2021 do not allow
for a recovery in sales of papers for office and printing applications. Pulp
prices are rising sharply under the combined effect of hygiene-related
purchases and demand in the Far East. This sharp increase in costs will have a
significant impact on our profitability.
Stationery sales are still partly affected by the pandemic. The Group does not
expect 2021 volumes to return to their pre-crisis level. In addition, higher
prices for raw materials such as plastic, metal and grey cardboard will affect
margins.
Current projections show a significant decrease in operating income versus
2020.

- Group financial results

2020 revenue amounted to EUR689,597,000. At 31 December 2020, gross borrowings
stood at EUR291,042,000 including EUR46,207,000 of financial liabilities
arising from the capitalisation of leases. Consolidated shareholders' equity
was EUR423,164,000.

The Group has negotiated additional lines of credit with its banks totalling
EUR36 million. At the balance sheet date, outstanding commercial paper issued
by the Group amounted to EUR50 million out of a global programme of EUR125
million.
With gross cash and cash equivalents of EUR202,495,000 at 31 December 2020,
Group net borrowings amounted to EUR89,547,000.
Excluding technical financial liabilities generated by the application of IFRS
16, net debt at 31 December 2020 was EUR43,340,000 compared to EUR42,802,000
the previous year.

The 2020 financial statements have been audited and the certification reports
are currently being prepared.

> The Board is calling an Ordinary Shareholders' Meeting to be held on 27 May
  2021, at which it will recommend a dividend of EUR3.00 per share.
> The next release will be published after the Board meeting called to approve
  the first half 2020 financial statements, scheduled for 16 September 2021.

THE BOARD OF DIRECTORS

Head of Financial Reporting
Jean-Marie Nusse - Executive Vice President

F 88480 ETIVAL-CLAIREFONTAINE  -  TEL. +33 (0)3 29 42 42 42  -
FAX +33 (0)3 29 42 42 00 SA WITH CAPITAL OF EUR4,525,920 -
SIRET: 505 780 296 000 16 - NAF: 7010Z - RCS EPINAL: B 505 780 296 WEBSITE
WWW.EXACOMPTACLAIREFONTAINE.FR - EMAIL ACTIONNAIRE@CLAIREFONTAINE.COM

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EXACOMPTA CLAIREFONTAINE (EPA:EXAC) - Financial statements - 31 december 2020

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